Banks have been borrowing $367 billion per day from the Federal Reserve.

Quote:

NEW YORK, Oct 2 (Reuters) - U.S. banks' direct borrowing from the Federal Reserve shot to a record in the latest week as financial institutions became almost totally reliant on the lender of last resort amid the most severe financial crisis since the Great Depression.

Banks' discount window borrowings averaged a staggering $367.80 billion per day in the week ended Oct. 1, nearly double the previous record daily average of $187.75 billion they borrowed the previous week.

The 700 billion dollar bail-out hasn't even been passed yet, but you're saying it's already being dispersed to the banks and has been for the past week or so.

Exactly. If the banks are still in trouble, after being able to borrow $trillions from the lending window, why do we even need the $700 billion bailout (w/ pork)

The truth is, it's not about money. It's about powers being awarded to the executive branch.

Quote:

Consider the parallels between the economic crisis and the terrorism crisis. After 9/11 we were told by Bush that there was no doubt that Saddam Hussein had weapons of mass destruction and if we did not act immediately the consequences could be catastrophic. Trust me, he insisted, and many of us did. Last week he insisted that the American economy stood on the brink of disaster and that if we did not act immediately, the consequences would be catastrophic. Trust me, he insisted. Then he proposed that Paulson be given total unaccountable power to do whatever he wanted with a trillion dollars of taxpayers’ money.

No more oversight in this area, as their (IRS undercover operators) powers have
been made permanent, conveniently buried on page 290 of this 442 pg scam of a piece of legislation.

Quote:

Senators Harry Reid and Richard Bryan asked GAO to review how the Internal Revenue Service (IRS) manages its undercover operations. This request stemmed from concerns with IRS' management of an undercover operation, called Project Layoff, carried out in 1984 and 1985 during which IRS agents established a Las Vegas bookmaking business in an attempt to identify unreported gambling income. This operation has resulted in continuing allegations of misuse of funds and has prompted broader concerns over the adequacy of IRS' controls and oversight of its undercover operations. GAO addressed Project Layoff more specifically in a separate report. An undercover operation is a potentially risky investigative technique. IRS' Criminal Investigation Division (CID) uses undercover operations to help investigate legal activities such as money laundering and fraudulent tax return preparation. In doing so, CID special agents assume identities other than their own.